WEEKLY ONLINE NEWS STORY
You are receiving this weekly newsletter at no additional cost as part of your subscription to Petroleum News. If you do not want to receive this newsletter, email Shane Lasley at [email protected] to be removed from the list.
| May 01, 2014 --- Vol. 08, No. 18 | May 2014
|
Yukon Territory
GOLD – Klondike Gold Corp. April 29 said it is extending its offer to acquire a majority interest in the issued and outstanding shares of Klondike Star Mineral Corp., a private Delaware company. Klondike Gold is offering each shareholder of Klondike Star the opportunity to exchange each share of KSMC held for 0.25 Klondike Gold shares. This offer to exchange is subject to shareholders of Klondike Star tendering for exchange a minimum of 51 percent of the company’s outstanding shares. With a total of 68.65 million Klondike Star shares issued and outstanding, Klondike Gold may issue up to 17.16 million shares if 100 percent of the shares of KSMC are tendered for exchange. The offer, previously set to expire on May 6, has been extended to June 6. Klondike Gold also said has entered into agreements with certain creditors of Klondike Star to settle US$1,077,894 of debt owed by that company to related parties upon tender of not less than 70 percent of the Klondike Stare shares under the offer. In settlement of these debts, the Klondike Star related party creditors will receive 21.56 million warrants to purchase shares of Klondike Gold, exercisable at C10 cents per share for 30 months from issuance. Klondike Gold understands that following settlement of the foregoing liabilities, Klondike Star will have approximately US$183,000 in remaining debt. Klondike Gold President and CEO Peter Tallman said, “We continue to work diligently toward acquiring 100 percent title ownership in both hard rock and placer claims covering the most renowned portion of the famed Klondike goldfields. The extension to the offer allows for the retirement of KSMC trade and other debt obligations, as well as providing additional time for KSMC shareholders to consider the details.”
CONSULTATION – The Government of Yukon April 28 reported that an interim staking prohibition in the Ross River area has been extended for two months, until June 30. The staking prohibition order was first put in place on Dec. 27, 2013 for a period of four months to allow the Yukon government to consult with the Ross River Dena Council pursuant to the December 2012 decision of the Yukon Court of Appeal. “We are extending the interim prohibition of staking to complete our work,” Premier Darrell Pasloski said. “A two-month extension to the withdrawal gives the First Nation time to complete community consultations and deliver their findings.” The withdrawal does not affect existing claims within the area; it is restricted to new claims under the Quartz Mining Act and the Placer Mining Act. Yukon expects to complete the consultation process with the Ross River Dena Council during the extended consultation period. “This withdrawal shows that we are meeting our obligations under the Yukon Court of Appeal decision from December 2012, and are committed to engaging in meaningful consultation with the Ross River Dena Council,” Pasloski added.
REGULATIONS – Yukon Premier Darrell Pasloski April 23 reported to the territory’s Waters Act regulation that will establish clear timelines for internal review processes of quartz mining applications. “These amendments create greater certainty for quartz mining proponents and the Water Board by establishing commonly understood timelines for both parties at the administrative review stage,” Pasloski said. “However, they do not change how the Water Board conducts its formal review of water license applications.” The amendments establish the list of documents needed to make an application, a five-day timeline for the Water Board Secretariat to perform its initial administrative review, and a 30-day timeline for the secretariat to perform its technical review before applications are considered by the Water Board. “By establishing specific timelines for the Water Board Secretariat’s internal review of water license applications for quartz mining projects, we are moving forward with our commitment to improve our licensing and permitting regime,” Minister of Energy, Mines and Resources Scott Kent said. These changes come into effect on Oct. 1.
Did you find this article interesting?
Email it to an associate.
Print this story
Mining News North - Phone: 1-907 522-9469 - Fax: 1-907 522-9583
[email protected] --- http://www.MiningNewsNorth.com
S U B S C R I B E
|
|
|
